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Platinum Credit Card fees - Overseas use

Posted by mvincent mvincent
Message 1 of 2 1,546 Views

Hi,

 

We are heading overseas and are seeking confirmation in regard to our BANK WEST PLATINUM CREDIT CARD:

 

1.There are NO fees if we use this card for PURCHASES overseas - (press credit)

 

2. Assuming we owe nothing on this card and have SURPLUS funds on this card (say $5000)- and we then pay for overseas purchases OR withdraw cash using an overseas ATM, we will only be charged $4 or 2% (whichever is higher), there are NO other fees incurred or interest charged on this card. (press credit). 

 

3. If we use this card for a cash advance (but there are no surplus funds available), we are charged the following - $4 or 2% (whichever is higher), 2.95% fee + interest incurring from time of transaction.

 

With regard to our Bankwwest debit card, we are charged:

ATM withdrawal: $5.00 + 2.95% in fees

Purchases: just 2.95% fee.

 

Is the above correct? We have phoned several times, and there is no consistent response to our questions. We leave for ouseas in a few days time and need to get this sorted asap?

 

We are thinking that the most cost effective way to pay for purchases OR get cash out while travel overseas, is to put additional surpuls funds on our platinum Credit card and then only pay $4.00 or 2% (whichever is higher). Is this correct?

 

regards

 

Maureen 

 

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Re: Platinum Credit Card fees - Overseas use

[ Edited ]
Posted by DanaeC DanaeC
Message 2 of 2 1,528 Views

Hey @mvincent, thanks for reaching out. To make it easier, I'll respond to your queries as you have set them out Smiley Happy

 

1. There are NO fees if we use this card for PURCHASES overseas - (press credit)

There would be no Foreign Transaction Fee charged by Bankwest. Usually, this is 2.95% on all purchases and withdrawals, though it's waived on Platinum and World Tier Mastercard Credit Cards. You may be charged fees by the merchant - this is not something we have control over and should be discussed with them at the time of purchase.
 

2. Assuming we owe nothing on this card and have SURPLUS funds on this card (say $5000)- and we then pay for overseas purchases OR withdraw cash using an overseas ATM, we will only be charged $4 or 2% (whichever is higher), there are NO other fees incurred or interest charged on this card. (press credit).

If your card is in surplus (over and above the actual "credit limit"), then the fee is capped at $4 for withdrawals. It's only $4 or 2% if you're accessing funds within the limit of the card itself. This is called a Cash Advance Fee, and doesn't generally apply to purchases*.
 

3. If we use this card for a cash advance (but there are no surplus funds available), we are charged the following - $4 or 2% (whichever is higher), 2.95% fee + interest incurring from time of transaction.

That's correct, though you won't be charged the 2.95% Foreign Transaction Fee, as this is waived on Platinum and World Tier Mastercard Credit Cards. To stop Cash Advance Interest from accruing, you'll need to speak with our Contact Centre to obtain a payout figure.
 

4. With regard to our Bankwest debit card, we are charged ATM withdrawal: $5.00 + 2.95% in fees, Purchases: just 2.95% fee.

Yes, that's exactly right. The below should help to confirm this in more detail for you:

 

Debit MasterCard
2.95% Foreign Transaction Fee
$5.00 Overseas ATM Fee, per withdrawal, charged on the first business day of the following month as one amount (waived on Rewards Transaction and Qantas Transaction accounts)
 

MasterCard Credit Card
2.95% Foreign Transaction Fee (waived on Platinum and World Tier cards)
$4.00 or 2% (whichever is higher) Cash Advance Fee on ATM withdrawals - when accessing funds within the card limit
$4.00 Cash Advance Fee on ATM withdrawals - when accessing your own funds over and above the card limit
 
To summarise, you won't pay Cash Advance fees when selecting "Credit" on a Debit MasterCard, as this are still your own funds, it's just that "Cheque" and "Savings" are not recognised on a MasterCard internationally. The $5.00 Overseas ATM Withdrawal Fee does not apply on a MasterCard Credit Card, as the $4.00 or 2% Cash Advance Fee is charged in place of this.

 

I hope this helps Maureen. Have a safe trip, and don't forget to upload a Travel Notification via your Online Banking to ensure ease of use on your accounts while you're away.

 

*You can find more information on what constitutes as a Cash Advance HERE

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